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Yiedl To Launch Non-Custodial Marketplace For NFT

Jyoti Singh by Jyoti Singh - 11:41 AM May 23, 2020
Yiedl To Launch Non-Custodial Marketplace For NFT

A non-custodial peer-to-peer (P2P), mortgage and rental market to be soon introduced by the Yiedl, Tokyo-based crypto startup, for the non-fungible tokens (NFTs).

Customers Can Choose Preferred Rental Terms

Regarding this, the founder and the chief executive of Yiedl, Kohshi Shiba, recently said that while tokenizing the real-world assets, the platform would lend its support to infinite tokens.

He further said, “For assets that have persistent external utility, I believe NFT is an appropriate token form.” It is to be noted that the platform would allow the tokenisation of assets like subscription rights, decentralized autonomous organization (DAO) membership, intellectual property rights and many more.

The P2P marketplace which would be constituted by the Yiedl will allow users to choose their preferred lending or rental terms.

As the process moves further, another user would have to fill up the agreement which is prepared on Yiedl protocol and after that, the transaction would be completed. Also, the second user will get access to the NFT which it has borrowed on lease.

After the transaction is completed the borrower would get a receipt of initial rent along with the NFT.

New NFT Holders To Become Part Of Marketplace

By chance, the owner of the NFT does not receive the payment due to some technical fault, in that case, the NFT will automatically return back to its owner.

According to Shiba, the new marketplace by Yield would create a new horizon for the NFT ecosystem. Shiba also claims that in the future, the market would see a huge amount of new NFT owners becoming part of it.

He adds that after the launch of the new marketplace, people would start seeing NFT as an investment as it would help the owners to earn passive income with their assets.

The Tokyo-based startup has recently developed a modified version of ERC-721 standard i.e., ERC-X, to assist the further progress of the platform.

The new token standard on the platform has integrated two user classes with the ERC-721 standards, which already exist, as the user and lien.

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About The Author
Jyoti Singh

Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.

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